家族企业资产专用性对企业绩效影响研究

摘要/Abstract

摘要：

本文以2010-2013年制造业上市家族企业为研究样本，研究家族企业资产专用性对企业绩效的影响。研究结果表明：家族企业资产专用性与企业绩效总体上呈倒"U"型关系；家族企业中的特殊治理机制如家族所有权、业主权威、业主利他主义对资产专用性与企业绩效的关系具有显著调节作用。其中，家族所有权与业主权威具有正向调节作用；当资产专用性程度较高时，业主利他主义产生负向调节作用。进一步的研究发现，在市场化程度较低的地区，业主权威和家族所有权的正向调节作用会得到强化；在市场化程度较高的地区，上述调节作用均会显著减弱，这反映出家族治理机制与外部治理环境在一定程度上具有相互补充作用。本文的研究将丰富资产专用性与企业绩效的研究文献，同时也有助于理解家族治理对企业绩效影响的内在机理。

关键词: 资产专用性, 家族治理, 企业绩效

Abstract:

This paper examines the effects of asset specificity on family business performance and the adjustment effects of family governance on the relationship between asset specificity and firm performance. Based on the data of 2010-2013 listed family companies as research samples, we find that:asset specificity has an inverted U-shaped relationship with business performance in family business. Family ownership and the landlord authority have positive adjustment effects on the relationship between asset specificity and firm performance. When asset specificity is at a high level, family owner's altruism can generate negative adjustment effects. Our further study finds that weak institutional environment can strengthen positive adjustments of family ownership and landlord authority. The adjustment effects of governance of family business above are not so pronounced under stronger institutional environment, indicating that there is supplementary relationship between outside governance mechanism and family governance mechanism. This paper enriches the research literature on asset specificity and firm performance, and also helps understand the underlying mechanism between family governance and firm performance.

Key words: family governance, asset specificity, firm performance

金勰, 裘益政. 家族企业资产专用性对企业绩效影响研究[J]. , 2018, 30(10): 221-237.

Jin Xie, Qiu Yizheng. Study of the Effects of Asset Specificity on Family Business Performance[J]. , 2018, 30(10): 221-237.

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